Canadians confused over car insurance: RSA

by Jil - August 31, 2010

Toronto, Ontario – While car insurance is important for protecting your car insurance and perhaps your well-being, many Canadians say they don’t understand their insurance policies, according to insurer RSA Canada.

The company said that in a recent Leger Marketing survey it commissioned, only 15 per cent of Canadians report that they are “very familiar” with what is covered in their policies.

The company said that Canadians unfamiliar with their policies should speak to their brokers, and keep the following tips in mind:

– Increase your deductibles. By increasing the deductible, you are assuming a larger portion of your losses and lowering your insurance premiums. The deductible is the amount you pay for a covered loss before the insurance company starts paying.

– Use the same insurance company for all vehicles. There may be a discount to drivers who insure more than one personal-use automobile, and there may be a lower rate if property insurance is included.

– Ask about low-mileage premiums. Those who don’t drive a lot might qualify for special premiums.